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December, 2010: Uflex Ltd, the Bombay Stock Exchange (UFLEX: 500148) and
NSE listed, India's largest flexible packaging company has announced that the
proposal of preferential issue of 135 lakh warrants to the Promoter Group at
conversion price higher of Rs. 300/- per warrant or price calculated pursuant to
the provision of SEBI ICDR Regulations was approved by the Board of Directors
and subsequently approved by the members of the company through a postal
ballot.
The company has already allotted 135 lakh warrants to the Promoter Group on
25th November, 2010, at a conversion price of Rs. 300/- per warrant, which is
20% higher than the SEBI Floor Price, upon receipt of upfront amount of Rs.
101.25 crore as 25% of the conversion price of Rs. 300/-, i.e. Rs. 75/- per warrant.
Out of the above warrants allotted, the Promoter Group has exercised their option
for 35 lakh warrants to convert into equal number of equity shares of the
company after payment of the balance amount (net of upfront payment thereon)
of Rs. 78.75 crore.
“With this, the company has so far moped up aggregate amount of Rs. 180 crore
from the issue of warrants to the Promoter Group, which shall be used by the
company for its growth,” said Mr. Ashok Chaturvedi, Uflex Ltd. Chairman and
Managing Director, while talking about the preferential issue of warrants to the
Promoter Group.
Mr. Ashok Chaturvedi says, “Our growth is coming from new capacity additions,
increased utilisation and higher net realisation of our product line. Also, overseas
facilities in countries with trade pacts help us bypass anti-dumping duties and
exploit low freight rates and favourable tax regimes, besides giving us access to
large and profitable markets.”
In Egypt, the Company is ramping up production capacities for BOPP films (Bi-
axially Oriented Poly Propylene film) to 35,000 TPA; 30000TPA of PET (Polyester)
and 12000TPA of CPP films aggregating to total capacity of 77,000 TPA. The
company’s planned investments in Egypt are pegged at US$ 135 million. This
facility has trade pacts with GCC nations, Southern Europe & Africa, Middle East,
West Asia and CIS to access larger markets.
The first phase of this expansion involving added capacities in BOPP films has
already commenced operations, while the second phase of setting up facilities for
PET and CPP films is expected to be completed by the 3rd quarter of FY 2011-12.
Uflex's strong manufacturing base in India, Mexico, Dubai and Egypt caters to
global markets spanning USA, Canada, South America, UK, Europe, Russia, CIS
countries, South Africa and other African countries, the Middle East and the South
Asian Countries.
Uflex is the only integrated unit of its kind in the world with flexible packaging at
its core. It has vast capacities for production of Polyester chips, Biaxially Oriented
Polyethylene Teraphthalate (BOPET) and Biaxially Oriented Polypropylene (BOPP)
films, Printing & Coating Inks, facilities for Holography, Metalization & PVDC
coating, making Gravure Printing Cylinders & Flexo Printing plates, Gravure
Printing, Lamination and Pouch formation.
The company's partial client list in India includes Pepsi, Wrigley, Procter &
Gamble, Colgate, Palmolive, Nestle, Gillette, Ranbaxy, Perfetti, Joyco, Monsanto,
ITC, Godrej Pillsbury, Tata Tea, Hindustan Petroleum, Indian Oil, Britannia, Dabur,
Haldiram, Wockhardt, HUL, Parle Biscuit, and Birla 3M, among others.
Synonymous with flexible packaging industry in the country, UFLEX group has
Gross annual revenue of Rs. 30 billion and Gross Capital Investment across the
world of about Rs. 26 billion.